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TVI Pacific's 30.66% owned TVIRD Closes US $14 million Short Term Loan for its Balabag Gold Mine
TVI Pacific's 30.66% owned TVIRD Closes US $14 million Short Term Loan for its Balabag Gold Mine ...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n \n \n \n TVI Pacific's 30.66% owned TVIRD Closes US $14 million Short Term Loan for its Balabag Gold Mine\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen3{\nPADDING-LEFT:0.17em; PADDING-RIGHT:0.17em; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnvat{\nVERTICAL-ALIGN: TOP\n}\n.prnrbrb1{\nBORDER-RIGHT:black 1pt\n}\n.prnsblb1{\nBORDER-LEFT:black 1pt\n}\n.prnsbbb1{\nBORDER-BOTTOM:black 1pt\n}\n.prnpl2{\nPADDING-LEFT:0.17em\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnsbtb1{\nBORDER-TOP:black 1pt\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnpr2{\nPADDING-RIGHT:0.17em\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prnsbbb0{\nBORDER-BOTTOM:black 0pt\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Sept. 5, 2023\n \n \n /CNW/ - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) (\"\n \n TVI\n \n \" or \"\n \n the Company\n \n \") is pleased to announce that TVI Resource Development Phils., Inc. (\"\n \n TVIRD\n \n \"), a\n \n Philippines\n \n corporation in which TVI holds a 30.66% interest, has closed a short term loan (\n \n \"STL\"\n \n ) with China Banking Corporation (the \"\n \n Lender\n \n \") in the amount of US\n \n $14 million\n \n (the \"\n \n Facility\n \n \"), the proceeds of which shall be used for working capital purposes and further optimization of the processing plant at TVIRD's 100%-owned Balabag gold/silver mine (\"\n \n Balabag\n \n \").\n \n \n \n Balabag Financing Highlights\n \n \n \n \n US\n \n $14 million\n \n Facility concluded with the Lender.\n \n \n 357-day term.\n \n \n Interest to be paid monthly at a rate of 6.75% pa.\n \n \n \n \n Balabag Financing\n \n \n \n The Company initially announced on\n \n October 22, 2019\n \n , that TVIRD had closed an Omnibus Loan and Surety Agreement (\n \n \"OLSA\"\n \n ) with the Lender providing for a US\n \n $28.5 million\n \n principal amount five-year term loan facility, the proceeds of which would be used to partially finance development of Bal...